Other Voices: Officials' Payday Lawsuit Role a Bad Idea
S.C. lawmakers jumping on the bandwagon to sue payday lenders and perhaps land a big payday themselves should redirect that energy toward passing legislation to end the predatory practice instead.
We have no use for payday lenders. They operate under a faulty business model that calls for extending loans to people who can't repay them. They charge an effective interest rate of 391 percent on short-term loans that trap people into long-term cycles of debt. We prefer that S.C. lawmakers ban them as other states have. Read more
Join the discussion below, or Read more at Myrtle Beach Online.
#1 Oct 11, 2007
We have a payday loan company on every street corner here in Bennettsville. Its such a shame to come into this pretty town and see predatory lenders all over the place. And the sad thing is that there is nothing we can do to stop them unless are lawmakes do something about it.
#2 Oct 11, 2007
I agree that they should be put out of business. I know first hand because I managed one in North Carolina before the State closed them.
Although most of the people were good hard working people, they were repeat customers. The company I worked for had us to call the ones that paid out their accounts, so they would take out knew loans.
Why am I writing this? To encourage the powers that be to find so other way to help these people who depend on payday loans.
#3 Oct 11, 2007
Around the first of the month there will be lines down sidewalks of people waiting their turn to go into these places. It's such a shame. And its like these places pop up in places that are the most disadvantaged. Preying on people who either don't know any better and want quick money or who are so desperate, they have to take out the high interest loan. It's just sad and lawmakers should make this a top priority. If NC can outlaw them then SC better step up and do it to.
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